Conflict of Interest

CEO of POSCO's trading subsidiary Daewoo International Jeon Byeong-eal.
CEO of POSCO's trading subsidiary Daewoo International Jeon Byeong-eal.

 

Jeon Byeong-eal, CEO of POSCO’s trading subsidiary Daewoo International, finally quit after a feud with the group over the steelmaker‘s plan to sell off its stake in a natural gas project in Myanmar.

Daewoo International announced that it would appoint Vice President Choi Jung-woo as its new CEO at a meeting of the board of directors held on June 16.

Jeon said in the press release, “Even though the company decided to no longer consider selling the Myanmar gas field, those outside of the company still stir up no small controversies citing disobedience, internal conflict, and dismissal. Having thought about what would be the future-oriented measure for the group, the company and all those concerned, I concluded that resigning is the quickest way to end the situation.”

He added, “Turning this issue to its advantage, I hope that all executives and employees work together to take a more developmental direction for the assimilation and harmony of the group and the company.”

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